The Top 10 Regulatory Issues Expected to Impact Small Businesses in 2017

Expected to Impact Small Businesses in 2017The Top 10 Regulatory Issues

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Tax reform could blend the measures outlined by President-elect Trump during his campaign with existing GOP reform proposals. Its speculated that many of these changes could fuel the creation or expansion of small businesses, but it is possible some current popular tax breaks and deductions may be eliminated or scaled back to fund these tax decreases.

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TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

Tax Reform

1#

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The ‘repeal and replacement’ of the Affordable Care Act (ACA) was a central theme of President-elect Trump’s campaign message and is expected to be among his administration’s priorities. While numerous political and practical considerations may make immediate full ‘repeal and replacement’ unlikely, significant components of the law could be repealed as early as January.

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The Affordable Care Act

2# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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Uncertainty over the DOL’s Final Overtime Rule will persist following the late-November injunction of the law, even if the court ultimately allows it to stand. The President-elect has voiced support for a federal minimum wage increase and numerous states and localities have passed or are contemplating minimum wage increases. On the other hand, some states are considering laws prohibiting cities from enacting minimum wages that differ from their state’s minimum wage, and still other states are working toward new minimum wage rates based on geographic region.

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Wage/Hour Compliance


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Immigration reform will be a priority during the President-elect’s first 100 days in office. Many employers are waiting to see if this will result in changes to the H-1B visa program, the typical route by which highly-skilled talent enters the country. Additional enforcement measures could suppress the availability of workers in industries such as farming, hospitality, and construction.

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Immigration Reform


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The April 10th implementation of the DOL’s fiduciary rule, intended to ensure that financial advisors provide advice in the best interest of their clients, may be delayed or repealed by the Trump administration, but the initiatives of many states to create laws mandating state-sponsored retirement savings programs will likely continue unimpeded. Social Security is also expected to garner attention from the Trump administration as the system faces the possibility of future insolvency.

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Retirement $5# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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President-elect Trump voiced support for a federal paid maternity leave program, but an overall reduction in federal regulation in the employment realm is expected under the new administration, including scaling back some pro-union policies and recent OSHA workplace-safety regulations on businesses, which may result in an increase in regulations and legislation at the state and local levels. Many states are expected to consider paid sick and family leave laws and some states are looking at their equal pay laws and are considering expanding employer restrictions and obligations.

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Employment Regulations


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Since the EMV liability shift took effect in October 2015, some small businesses have still not installed new EMV terminals used to authenticate chip-card transactions and will be held liable for fraudulent transactions made with a chip enabled card. Small businesses will also be exposed to faster payments and should work closely with their financial institution, payment processor and credit card processor to learn more about these developments and their implications.

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Payments7# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The hacking incidents and e-mail leaks which have made recent news, ever-increasing levels of fraud and data breaches, and growing national security concerns over foreign cyber activity may lead the new administration to impose stricter security and reporting requirements on businesses. Businesses also need to be aware of more onerous information security regulations on a state level.

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Cybersecurity8# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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The Consumer Financial Protection Bureau’s final rule on prepaid accounts will require employers to provide new disclosures for paying wages via payroll cards, an increasingly popular method of receiving pay for many workers. Employers making this option available to its staff should confirm their payroll card provider is attentive to the changing regulatory landscape.

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Paycards9# TOP 10 REGULATORY ISSUES EXPECTED TO IMPACT SMALL BUSINESSES IN 2017

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A key election pledge for President-elect Trump was a $1 trillion infrastructure initiative, meant to revitalize the nation’s roads, bridges, broadband networks, and other support systems and boost the economy through a multitude of new jobs. If the project moves ahead there could be opportunity for small businesses to bid on various aspects of these projects.

WHY IT MATTERS

Infrastructure Initiatives and Opportunities


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The information contained within is not tax or legal advice. These issues are complex and applicability depends on individual

circumstances. Businesses should consult tax or legal counsel before taking action on any of the items identified above.

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The Top 10 Regulatory Issues Expected to Impact Small Businesses in 2017